Cannabis Company Verano Launches With $120M Investment

October 24, 2018

Alex Oleinic, Benzinga Staff Writer  

A new company has joined the ranks of enterprises in the cannabis space.

Chicago-based Verano has received financing totaling $120 million and will be led by co-founders George Archos as CEO and Sam Dorf as chief strategy officer.

Verano Aims To Be A Leading US Cannabis Company

Verano is a vertically integrated cannabis company and said it aims to become one of the largest and most profitable in the country as soon as next year. The company is consolidating the ownership and management of the companies Ataraxia, Verano, 3 Boys Farms and other cannabis licenses, operations, management and assets that comprise 45-plus facilities and licenses in six states and Puerto Rico, according to Verano.

The acquisition of 3 Boys Farms follows millions that Verano has spent over the past five years to develop and operate facilities, acquire licenses and create new products. It currently has one cultivation facility each in Maryland, Florida, Illinois and Nevada. Verano operates three dispensaries in Illinois, two in Maryland and one in Nevada.

Verano said it is in process of obtaining more than 35 additional provisional licenses in Florida, Michigan, Ohio, Maryland and Puerto Rico.

"Verano, having cultivation, production and dispensary licenses across a number of states, has created multiple revenue streams, offering tremendous upside while simultaneously protecting the business from issues related to singular points of sale and markets," CEO Archos told Benzinga.

Under Verano's business plan, its cultivation and production facilities will operate under the newly launched Verano master brand.  Verano's portfolio of brands also includes GoldLeaf, Menta, Sweet Sins, Encore Company and Avexia.

"The medical cannabis industry is consolidating around operators that can scale seed-to-sale operations across multiple states while delivering unparalleled innovative products and service, which are the underpinnings for future success," Archos said.

 

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